129 research outputs found
On the determinants of corporate default in the EU-27: Evidence from a large sample of companies
No full textWe analyze a large sample of companies operating in the EU-27 in the period 2007-2018 to gain new insights on the determinants of corporate defaults. The sample includes micro, small, medium and large enterprises, both active and defaulting. We document significant differences in the drivers of insolvency across firm size categories. Micro and small firms are significantly more vulnerable to sectoral shocks and to disruptions along the supply chain than larger companies. Instead, the default probability for all firms is significantly larger when companies experience in the previous year negative end-of-the year equity, that is a measure of prolonged financial distress. By exploiting institutional differences in judicial efficiency among EU-27 countries, we find financial distress is more likely to predict default in jurisdictions with more efficient insolvency procedures. Finally, we derive potential implications of our findings, especially with regard to the recent crises hitting European firms and the harmonisation of national insolvency regimes in the EU-27 towards most efficient legal practices, as foreseen under the Capital Markets Union Action Plan
Addressing physical climate risk: the case of flood protection
No full textThis article provides a primer on the economic impact of flood risk. We present the more recent findings of the literature on natural disaster, focusing on floods. Then, we implement a simulation exercise, based on the estimates by Fatica et al. (2022), that quantifies the impact of flooding on the performance of European firms for different level of flood protection. Our results highlight the importance of protective measures that reduce the extent of inundated areas as an effective adaptation strategy leading to substantially lower negative impact for firms
The pricing of green bonds: Are financial institutions special?
No full textThe financial system plays a major role in the transition to a low-carbon economy. We shed light on this
analyzing recent developments in the bond and debt markets. First, we study the pricing of green bonds at
issuance. We find a premium for green bonds issued by supranational institutions and corporates but no
yield differences in case of issuances by financial institutions. We also document an effect for external
review and repeated access to the green bond market. Second, we show that banks that issue green bonds
reduce lending towards carbon-intensive sectors, but limited to the loan amounts granted in the role of lead
bank in the deal. This mixed evidence about lending suggests that, at the time of issuance, investors may not
be able to identify a clear link between the green bond issued by a financial institution and a specific green
investment project, which would explain the absence of a green premium for financial issuers
Corporate default and judicial efficiency in the EU-27: Evidence from a large sample of firms
No full textSupplemental Material, PFR_DS10.1177_1091142116679729 - The Fiscal Effects of Work-related Tax Expenditures in Europe
No full text
Supplemental Material, PFR_DS10.1177_1091142116679729 for The Fiscal Effects of Work-related Tax Expenditures in Europe by Salvador Barrios, Serena Fatica, Diego Martinez-Lopez, and Gilles Mourre in Public Finance Review
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Not only green: Sustainability and debt capital markets
No full textUsing a large international sample of corporate borrowers over the period 2014-22, we study the determinants of issuing green, sustainability and social (GSS) bonds. First, we document a remarkable growth of the GSS segment in the most recent years, possibly spurred by the public commitment towards financing a sustainable economic recovery after the COVID-19 pandemic. The results from a multinomial logit for the choice of bond type confirm that countries' sustainability stance acts as an incentive for corporate access to the sustainable bond segment. Moreover, borrowers in sectors that are green or can become green, as well as those that have already issued and committed to external assurance on the GSS segment, are more likely to raise funds with non-conventional securities
Venture Capital Financing and Green Patenting
No full textThis paper explores the role of green innovation in attracting venture capital (VC) financing. We use a unique dataset that matches information on equity transactions, companies’ balance sheet variables and data on patented innovation at the firm level over the period 2008–2017. Taking advance of a novel granular definition of green innovative activities that tracks patents at the firm level, we show that green innovators are more likely to receive VC funding compared to other equity financing than firms without green patents. Likewise, a larger share of green vs. non-green patents in a firm’s patent portfolio increases the probability of receiving VC finance with respect to other equity. Robustness checks and extensions tackling several dimensions of heterogeneity confirm the attractiveness of green patenting for VC investment
Influenza dei difetti sul comportamento a fatica della lega AlSi10Mg prodotta con Laser Powder Bed Fusion
No full textLa tesi in oggetto ha lo scopo di valutare la fattibilità di sviluppare, sulla base di dati sperimentali, un metodo previsionale per il comportamento a fatica della lega AlSi10Mg prodotta mediante Laser Powder Bed Fusion, adattabile a componenti di dimensioni qualsiasi. La lega è stata trattata con invecchiamento diretto (T5) ottimizzato per ottenere una parziale riduzione delle tensioni residue senza comprometterne la durezza. Partendo da prove di fatica a flessione rotante condotte seguendo il metodo statistico Stair-Case per la definizione della resistenza a fatica, si vuole correlare il difetto killer, ossia quello che innesca la rottura del provino, alla caratterizzazione dei difetti condotta pre-prova con tomografia computerizzata ad alta risoluzione (µCT). Il difetto killer, osservato sulle superfici di frattura, viene analizzato in termini di dimensione, posizione e forma. Contemporaneamente è stato sviluppato un metodo per l’analisi dei difetti ottenuta con µCT tale da poter identificare quelli considerati più pericolosi, sulla base dello stato tensionale del campione, di posizione e dimensione dei difetti. Inoltre, è stata eseguita una caratterizzazione microstrutturale sulle sezioni trasversali dei campioni per valutare la quantità, dimensione e forma dei difetti e confrontarla con i dati di µCT. Per mostrare la relazione tra le dimensioni del difetto killer e la resistenza a fatica è stato adottato il diagramma di Kitagawa-Takahashi, con il modello di El Haddad.
Dal confronto tra le metodologie è stata riscontrata una buona correlazione tra i difetti individuati come pericolosi dai dati di µCT e quelli che hanno effettivamente portato a rottura il campione, osservati in frattografia, supportando quindi la possibilità di sviluppare un metodo previsionale del comportamento a fatica. Quantitativamente, le dimensioni dei difetti killer sono nell’intervallo 90-130 µm e si trovano ad una distanza massima dalla superficie di non oltre 250 µm
History of Italian Jews and History of Italian Law Revisited
No full textIl contributo presenta una breve riflessione storiografica sull'impatto nella letteratura del lavoro di Vittore Colorni e sulla fatica con cui ricerche successive hanno accolto la prospettiva pionieristica sulla storia del diritto avanzata da questo studioso. Vengono , inoltre, ripercorsi rapidamente gli anni della formazione di Colorni, interrotti dalle leggi razziali del 1938
Business capital accumulation and the user cost: Is there a heterogeneity bias?
No full textEmpirical models of capital accumulation estimated on aggregate data series are based on the assumption that capital asset types respond in the same way to cost variables. Likewise, aggregate models do not consider potential heterogeneity in investment behaviour originating on the demand side for capital, e.g. at the sector level. We show that the underlying assumption of homogeneity may indeed lead to misspecification of standard aggregate investment models. Using data from 23 sectors in 10 OECD countries over the period 1984-2007, we adopt a fully disaggregated approach – by asset types and sectors – to estimate the responsiveness of investment to the tax-adjusted user cost of capital. While accounting for the different sources of heterogeneity, we find that fixed capital accumulation is significantly affected by changes in the user cost. However, the estimated substitution elasticities are smaller than one - the benchmark value under a Cobb-Douglas production function. We do not find robust evidence that the long run substitution elasticities are statistically different across asset types
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